iHeartMedia 2014 Annual Report Download - page 65

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The scheduled maturities of our senior secured credit facilities, receivables based facility, priority guarantee notes, other
long-term debt outstanding, and our future minimum rental commitments under non-cancelable lease agreements, minimum payments
under other non-cancelable contracts, payments under employment/talent contracts, capital expenditure commitments and other long-
term obligations as of December 31, 2014 are as follows:
(In thousands)
Payments due by Period
Contractual Obligations
Total
2015
2016-2017
2018-2019
Thereafter
Long-term Debt:
Secured Debt
$
12,575,294
$
2,746
$
942,122
$
8,304,255
$
3,326,171
Senior Notes due 2021
1,661,697
-
-
-
1,661,697
Legacy Notes
667,900
-
192,900
175,000
300,000
Senior Notes due 2018
730,000
-
-
730,000
-
CCWH Senior Notes
2,725,000
-
-
-
2,725,000
CCWH Senior Subordinated Notes
2,200,000
-
-
-
2,200,000
Other Long-term Debt
1,024
858
106
60
-
Interest payments on long-term debt (1)
9,037,483
1,645,039
3,223,040
2,691,292
1,478,112
Non-cancelable operating leases
2,923,445
435,118
650,363
512,793
1,325,171
Non-cancelable contracts
2,040,323
593,123
699,390
411,690
336,120
Employment/talent contracts
198,944
80,442
107,433
11,069
-
Capital expenditures
209,487
55,968
137,438
1,679
14,402
Unrecognized tax benefits (2)
112,737
2,327
-
-
110,410
Other long-term obligations (3)
343,795
11,365
81,682
24,800
225,948
Total
$
35,427,129
$
2,826,986
$
6,034,474
$
12,862,638
$
13,703,031
(1) Interest payments on the senior secured credit facilities assume the interest rate is held constant over the remaining term.
(2) The non-current portion of the unrecognized tax benefits is included in the “Thereafter” column as we cannot reasonably
estimate the timing or amounts of additional cash payments, if any, at this time.
(3) Other long-term obligations consist of $53.9 million related to asset retirement obligations recorded pursuant to ASC 410-20,
which assumes the underlying assets will be removed at some period over the next 50 years. Also included are $52.3 million
of contract payments in our syndicated radio and media representation businesses and $237.6 million of various other long-
term obligations.
SEASONALITY
Typically, our iHM, Americas outdoor and International outdoor segments experience their lowest financial performance in
the first quarter of the calendar year, with International outdoor historically experiencing a loss from operations in that period. Our
International outdoor segment typically experiences its strongest performance in the second and fourth quarters of the calendar year.
We expect this trend to continue in the future.
MARKET RISK
We are exposed to market risks arising from changes in market rates and prices, including movements in interest rates,
foreign currency exchange rates and inflation.
Interest Rate Risk
A significant amount of our long-term debt bears interest at variable rates. Accordingly, our earnings will be affected by
changes in interest rates. At December 31, 2014, approximately 35% of our aggregate principal amount of long-term debt bears
interest at floating rates. Assuming the current level of borrowings and assuming a 100% change in LIBOR, it is estimated that our
interest expense for the year ended December 31, 2014 would have changed by $11.2 million.
In the event of an adverse change in interest rates, management may take actions to mitigate our exposure. However, due to
the uncertainty of the actions that would be taken and their possible effects, the preceding interest rate sensitivity analysis assumes no
such actions. Further, the analysis does not consider the effects of the change in the level of overall economic activity that could exist
in such an environment.